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*Rates from 278% to 1576%

*3-12 month repayment

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*Rates from 4.7% to 278%

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Long Term Installment Loans

Long term installment loans are loans that you take out and pay in multiple instalments. This can be a great type of financial product for the right type of borrower but it’s important to know precisely what you’re getting and what your other options are before you go ahead and commit yourself.


What is a Long Term Installment Loan?

An installment loan is a loan that is in many ways similar to a payday loan. That is to say that it normally involves a relatively smaller sum of money and will be paid back over a shorter amount of time compared with a regular bank loan or business loan.

That means that there are fewer hurdles to getting the money. Once you have passed the few necessary checks, the money will be credited very quickly into your account and you’ll be able to start spending it. In both cases though, you pay a cost for this in the form of higher rates. It’s then your job to make sure that you are pay the loan back quickly and normally this will be after you have been paid (hence the term ‘pay day loan’).

The difference between these two financial products though, is that pay day loans need to be paid off in one sum. Conversely, long term installment loans will be paid back in a series of smaller payments.

Whereas a payday loan will typically have an APR of up to 400%, installment loans will have a slightly lower APR of around 50-60%. This means that you can get larger amounts of money and still be able to afford paying them back.

Pros and Cons of Installment Loans

An installment loan is the right choice for you if you need money quickly and with minimal checks. If you don’t have time or a good enough credit score to apply for a standard loan and if you only need a relatively small amount of cash – perhaps to pay for a broken boiler or to make rent. In these cases, you can choose between installment loans or payday loans – and of course the former makes sense when you need slightly more cash for a slightly longer period.

Another advantage of long term instalment loans is that they enable you to make multiple repayments, which in turn means that you can help to repair a bad credit score. By making lots of small payments, you are demonstrating your ability to meet repayment deadlines and to pay back money you owe. And as a result, you will your rating improve and become a better candidate for future loans.

If you need more money for a longer term though – such as to buy a car, start a business or renovate your home, then you should look into other financial packages that you can use to accomplish those things.

Whenever you take out any kind of loan, it’s always important to think long and hard about the type of loan you’re taking out and whether it’s the right option for your current situation and requirements.

See How We Compare to Our Competitors

Loan amount
£500 - £20,000
Loan term
12 - 60 Months
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Loan amount
£500 - £100,000
Loan term
1 - 18 Months
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Loantra is a licensed credit broker and not a lender.

We will never charge you for our service and the lender will not increase the rate to cover our fee to them.

We work with over 40 different lenders to bring you the very best rates from across the UK market.

Representative 305.9% APR. Representative example: £400 borrowed for 90 days.

Total amount repayable is £561.92 in 3 monthly instalments of £187.31.

Interest charged is £161.92, interest rate 161.9% (variable)

Warning: Late repayment can cause you serious money problems. For help, go to moneyadvice.org.uk.

Do not borrow more than you can pay back as defaulting on payments can lead to serious monetary problems.

Any collateral you have against the amount may be at risk of repossession.

5 most recent personal loan reviews

Review of Natwest

My personal loan from NatWest was planned in advance because I like to do plenty of research before committing to something as important as a building extension. I wanted to make sure the loan would be possible and that it was at a competitive rate before I started employing architects and builders. I was in regular contact with our local branch’s loan adviser and they finally sorted out a very good loan for me and once that was agreed I got on to the job of planning this extension. We’d already had the go ahead from the local council so it was all systems go once that all important loan was finalised. Sometimes it’s best to deal with your own bank for such an important loan and I am pleased that I entrusted NatWest with my loan.

Review posted by Wayne Crouch, Plymouth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of U Switch

In our position your company treats us well. We have the income but unfortunately due to circumstances beyond our control our credit rating is bad. Thank you Uswitch for giving us a chance.

Review posted by Neil Morrison, Perth

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Review of Wonga

Suprised at ease of application. Never wanted to use these kind of things but had a very tough month and needed a few pounds before payday. After checking different options I found the small amount to payback manageable and it’s all payed back 2 days after payday. Easy process with quick response.

Review posted by Anthony Bell, Chelmsford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

All reviews have been sourced from Trust Pilot to ensure authenticity of testimonials.